f the major industries manufacturing is waiting the longest to get paid in China. Manufacturing remains at elevated levels, yet decreased by a few days and stabilized at 47 days. Industry was on par with manufacturing however lower by a few days. Yet, manufacturing and industry are both higher then mining by at least a week. Mining closed a 24 month high of 42 days of receivable aging, but as can be seen in the figure below the momentum was heading down. After a YTD low in February of 33 days, mining increased to 37 days. We have discussed increased credit tightening in China. We believe there is a possibility of shadow credit moving into the supply chain where it is not picked up.